It has been an interesting three months watching crypto summer. With Bitcoin returning as the ultimate leader of the crypto verse with a 64% dominance, it is obvious that there may be other interesting events ahead!
Many folks missed the bitcoin bus, which implies their failure to cash in on the bitcoin opportunity when its price was far below its present state.
That is still not an issue as Bitcoin opened the way for a whole new set of cryptocurrencies and if you have an eye for this sort of thing, you’d see what’s coming and take full advantage of it!
Ripple (XRP) was created to cater for real-time settlements among financial institutions; at least that is one of its core functions. Crypto spring didn’t seem to affect Ripple as its price hasn’t really moved as such during these big moves.
If you take a look at the prices between 4th March till date, you’d discover that XRP is ranging; (that is, no notable plummet or surge).
The price resistance of $1.07 is definitely not going to be broken yet; however, once it goes through $0.52, we shall see some spectacular gains which will mean that XRP is yet again back on the block.
If you take a look at the graph above, you’d see that XRP has been testing this resistance level for months now. As such, the breakout that is expected will occur in two phases at first; before others can then follow.
The $0.52 phase which is the first phase indicates that the price moves aren’t yet sure but as prices have moved close by again we are now sure that a break out is likely.
The second predicted the phase of $1.07 is more of testing to see its psychological fallback which occurred last on February 21st, 2018.
This was the last time that XRP had any major movement and it was downwards; the new resistance in the second phase shall also show this; testing to see how well the asset will hold at that price or above it.
This means that something great is definitely coming when it comes to price moves, but how, when and why is what many people can neither see nor understand.
Fresh interests indicated by financial institutions globally shows that ripple will definitely have some basic inflows into its global supply. This will, of course, improve liquidity.
Ranging prices are indicative of two things: a lack of liquidity in the asset that is ranging and a low rate of use of the crypto asset discussed.
Once the rate of use of the crypto asset increases by a good margin and there is a supply or reverse of it when it comes to trading and usage; then one is sure of price movement in a specific direction.
XRP is yet to fulfill its core purpose of being a Global settlement system. But with over 100 institutions at the start of the year using ripple, it shows some promise of high usage which tells me that it could even rival Bitcoin along the line.
This then means that the cryptocurrency will be used to track, trace and settle transactions between institutions. Increase of its use and exchange will definitely be something to watch.
The $50 Million stake in Moneygram is already an indication of what is to come. Only a Cryptocurrency CEO can have that kind of confidence to stake so much in an already working monetary system, just to prove that his product works!
So, if you missed the Bitcoin bus, you shouldn’t miss the Ripple’ XRP when its price is yet to be out of reach. Don’t be late this time!
Do you think that Ripple (XRP) can have great price surges the same way Bitcoin has?
Please let us know in the comments!